- Wow, hot off the press…..Thanks to The Wall Street Journal for this timely content on “Real Short Sales Of Orange County”…..
The 4,300-square-foot Ladera Ranch showpiece went for $1.12 million, a 30% discount from the original $1.6 million asking price. In a short sale, the lender-in this case, JP Morgan Chase-agrees to a price less than what is owed. The process helps troubled owners avoid a foreclosure.
“No one wants to face foreclosure,” agent Marcos Prolo of Berrington Properties is quoted as saying. “This is a good lesson for everyone who’s struggling.”
Simon and Tamra Barney-parents of three who are reportedly in the process of a divorce-paid $1.32 million for the five-bedroom, five-and-a-half-bath house at the height of the market in 2005, according to the article. They then spent more than $200,000 installing a saltwater pool, spa, waterfall and landscaping. And, if that’s not enough, the backyard boasts a fireplace, fire pit and outdoor bar.
The Register says the family lost $600,000 on the home.
Like many Americans, the downturn forced Ms. Barney, 42, back into the workplace. Ironically enough, she’s now working for the real-estate firm, Bennington Properties, that sold her home. She’s also launching a make-up line with her plastic surgeon, according to her online bio.
The housewife is now said to be living in a two-bedroom apartment.
We’ll watch the Bravo network to see how this storyline plays into the reality show’s sixth season.
Thanks to Dawn Wotapka for this article!